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Binance seeks a cryptocurrency license in Greece in accordance with the MiCA regulations in the European Union.
The exchange has verified that it has sought regulatory approval under the MiCA framework, forming part of a larger initiative to re-establish its presence in key markets.
Binance seeks a MiCA license to function in Greece. (Image: Binance/Modified by CoinDesk)
Key points:
- Binance has sought to operate under the EU’s new Markets in Crypto-Assets regulation, selecting Greece as its regulatory hub.
- The exchange submitted its MiCA application to Greece’s Hellenic Capital Market Commission, following the establishment of a local holding company, Binary Greece, which will oversee regional equity investments and advisory services.
- The expedited review of Binance’s application is part of the company’s extensive effort to restore its presence in regulated markets after a $4.3 billion settlement in the U.S. and exits from several European countries, with compliance being a declared priority for 2024.
Binance has formally submitted an application to operate under the European Union’s new Markets in Crypto-Assets (MiCA) regulation, designating Greece as its regulatory base ahead of the framework’s implementation later this year, as confirmed by the exchange on Friday.
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The cryptocurrency exchange informed CoinDesk that it has filed its application with the Hellenic Capital Market Commission (HCMC), the national authority responsible for overseeing securities and crypto-asset service providers.
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“We have submitted our MiCA application and are actively engaging with the Hellenic Capital Market Commission (HCMC),” a representative from Binance stated in a release. “We view MiCA as a significant and favorable milestone for the industry — one that provides enhanced regulatory clarity, improved user protections, and a defined framework for responsible innovation. We are eager to collaborate closely with the HCMC as this new regulation develops in the EU and anticipate contributing to the sustained growth of Europe’s digital financial ecosystem.”
This initiative follows Binance’s establishment of a local holding entity in Greece named Binary Greece. As per its articles of incorporation, the entity will concentrate on acquiring and managing equity interests throughout the region and offering financial advisory services.
Binance’s application is currently undergoing a fast-track review process initiated by the HCMC, which has enlisted the help of five global advisory firms, including PwC, Deloitte, and KPMG, to assist with the licensing examination.
The submission in Greece represents a crucial milestone in Binance’s larger strategy to reestablish itself in regulated markets following a challenging 2023, during which the company agreed to a $4.3 billion settlement with U.S. authorities and withdrew from multiple European jurisdictions. CEO Richard Teng has publicly indicated Binance’s long-term goal to re-enter the U.S. market, prioritizing compliance as a key focus.
